證券市場”先行交易”行為之規範探討

A Study on the Regulations for “Front Running” in the Securities Market

申心蓓(Hsin-Pei Shen)

指導教授 ： 李存修

國立臺灣大學/管理學院/財務金融組/碩士(2017年)

https://doi.org/10.6342/NTU201700103

摘要

本文關注於「市場中介機構與投資人間」利益衝突問題，其中產生的新興犯罪型態即為本文探討之”先行交易”。因我國學界對於此議題研究著墨甚少，且主管機關雖已針對中介機構利益衝突、忠實義務方面，訂定並實施相關管理規則，然法規零散、監管不足，且刑事規範亦未完備，本文認為實有必要建構關於”先行交易”之完整規範論述，並提出相應的防範管制架構。
本文為求便於探討分析，將聚焦於「證券集中市場」中之“先行交易”行為。先於第二章介紹「先行交易之定義與行為態樣」與「規範目的」，作為關於本文研究之基礎背景知識，並透過比較法研究，整理介紹「美國、歐盟、大陸地區等國外相關法律規範及實務案例發展」。第三章則以「我國交易市場中介機構」為角度介紹現行預防先行交易的規範，並將介紹我國迄今發生有關先行交易之兩起刑事案件，並歸納案例中司法實務認定的法律見解，同時對於我國法律規範的妥適性、真實交易市場中的操作現況等提出相關問題；再於第四章藉由訪談「證券交易市場中介機構從業人員」、「司法與法律人員」及「相關專家學者」等不同角度之相關人士，瞭解實務各方面意見。
第五章將總結上開整理歸納，並提出本文對於我國「先行交易規範」之評析與建議。

關鍵字

先行交易 ； 內線交易 ； 中介機構 ； 資訊不對稱 ； 利益衝突 ； 忠實義務

並列摘要

This essay focuses on the issues regarding conflicts of interests between “a market intermediary and its investors”, among which issues a new type of criminal activity called “front-running” is to be discussed herein. Research papers on this issue in the academic field in Taiwan are scarce. Although the competent authorities have enacted and implemented related regulations regarding conflicts of interest and/or duty of royalty applicable to intermediaries, the relevant regulations are scattered and insufficient. Legal framework for criminal sanctions is also incomplete. Thus, this essay is of the view that it is necessary to first establish a complete description of the regulatory regime for “front-running” and propose the corresponding preventive regulatory framework.
To facilitate the discussion and analysis herein, this essay will focus on the “front-running” activities taking place in “securities exchanges”. Chapter 2 provides an introduction of the “definition and types of front-running behaviors” and “regulatory purpose” as the basis for the research carried out herein, and summarizes “related regulatory framework and case development in the United States, European Union, Mainland Area”. Chapter 3 describes the current regulations regarding prevention of front-running from the perspective of “intermediaries in the Taiwan market” and provides a summary of two criminal cases related to front-running in Taiwan to date. This chapter also summarizes the legal view held by the judicial system in related cases and poses questions regarding the adequacy of Taiwan’s regulations and actual operations in the market. Chapter 4 then seeks to explore views from various angles by interviewing “employees of securities market intermediaries”, “judicial and legal professionals” and “relevant experts and academics”.
Chapter 5 provides a conclusion of the above summary and provides a commentary and proposal for “front-running regulations” in Taiwan.

並列關鍵字

Front Running ； Insider Trading ； Information asymmetry ； Conflict of Interest ； Fiduciary Duty

參考文獻

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